This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

End of attention

The termination value of a unit of in-house software you still hold but stop using and expect never to use again, or decide never to use, is zero - see In-house software.

For any other asset, if you stop using it and expect never to use it again but still hold it, the termination value is the market value when you stop using it. For a depreciating asset you decide never to use but still hold, the termination value is the market value when you make the decision.

Death of the holder

If you die and a depreciating asset starts to be held by your legal personal representative (such as the executor of your estate), a balancing adjustment event occurs. The termination value of the asset is its adjustable value on the day you die. If you have allocated the asset to a low-value pool, the termination value is so much of the closing balance of the pool for the income year in which you die that is reasonably attributable to the asset.

If the asset passes directly to a beneficiary of your estate or to a surviving joint tenant, the termination value is the asset's market value on the day you die.

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We are committed to providing you with accurate, consistent and clear information to help you understand your rights and entitlements and meet your obligations.

If you follow our information and it turns out to be incorrect, or it is misleading and you make a mistake as a result, we will take that into account when determining what action, if any, we should take.

Some of the information on this website applies to a specific financial year. This is clearly marked. Make sure you have the information for the right year before making decisions based on that information.

If you feel that our information does not fully cover your circumstances, or you are unsure how it applies to you, contact us or seek professional advice.